LIC Endowment Assurance Policy
LIC Endowment Assurance Policy is an endowment policy with high bonus and liquidity facility incorporated. The Sum Assured along with accrued Bonus is payable on the Policy Maturity or on earlier death. This plan provides for disability benefit incorporated within where the future premiums would be waived off along with accidental death benefit rider, critical illness rider and term rider.
Key Features of LIC Endowment Assurance Policy
Benefits you get from LIC Endowment Assurance Policy
Death Benefit – In case of death of the Life Insured, the nominee receives Sum Assured + accrued Bonus. Final Addition Bonus is also payable if premium has been paid for at least 17 years.
Maturity Benefit – At the maturity of the policy, the insured will get Sum Assured + accrued Bonus. Final Addition Bonus is also payable if premium has been paid for at least 17 years.
Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)
Eligibility conditions and other restrictions in LIC Endowment Assurance Policy
|
Minimum |
Maximum |
Sum Assured (in Rs.) |
50,000 |
No Limit |
Policy Term (in years) |
5 |
55 |
Premium Payment Term (in years) |
5 |
55 |
Entry Age of Policyholder |
12 |
65 |
Age at Maturity |
- |
75 |
Single Premium (in Rs.) |
NA |
NA |
Payment modes |
Yearly, Half-yearly, Quarterly, Monthly and SSS |
Sample illustration of premium of LIC Endowment Assurance Policy
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs 1,00,000and Policy Term = 25 years respectively.
Additional Features and Benefits of LIC Endowment Assurance Policy
Riders – There are 3 Additional Riders available:
· Accidental Death Benefit Rider
· Critical Illness Rider
· Term Rider
What happens if?
You stop paying the premium – If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions.
You want to surrender the policy – There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium
You want a loan against your policy – Loan facility is available under this policy